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CanWest Reaches Financing Agreement With CIBC World Markets

CALGARY, AB -- (MARKET WIRE) -- May 2, 2005 -- CanWest Petroleum Corporation (OTC BB: CWPC),
an oil and gas exploration and development company, announced today that
its subsidiary, Oil Sands Quest Inc., has reached an agreement with CIBC
World Markets, Inc. to appoint them as an exclusive placement agent, on a
best effort basis, to complete an equity financing. The proceeds of the
offering will be used primarily to fund a 2005 exploration program on its
lands located within the Athabasca Oil Sands.

About CanWest Petroleum Corporation

CanWest Petroleum Corporation is exploring world-class petroleum properties
in Canada. The Company holds a majority interest in more than 2.25 million
acres of prospective oil sand and oil shale land under permit. Oil Sands
Quest Inc., an operating subsidiary of CanWest, owns over 1.4 million acres
within the Athabasca Oil Sands. The Company also has interest in
traditional oil and gas development plays, which may generate cash flows
from its own production to provide a stable base of operations. For more
information visit http://www.canwestpetroleum.com.

This news release shall not constitute an offer to sell or the solicitation
of any offer to buy the securities of Oil Sands Quest Inc. in any
jurisdiction. The securities of Oil Sands Quest Inc. to be offered have
not and will not been registered under the United States Securities Act of
1933, and may not be offered or sold in the United States without
registration or an exemption from registration.

Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: Except for historical information contained herein, the matters
discussed in this press release are
forward-looking statements that involve risks and uncertainties, including
but not limited to economic, competitive, governmental and technological
factors effecting the Company's operations, markets, products and prices
and other factors discussed in the Company's various filings with the
Securities and Exchange Commission.